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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: hasan syed who wrote (7848)	1/7/2000 12:56:00 AM
From: Dan Duchardt	Read Replies (1) \| Respond to of 12617

The lawmaker referred to a Dec. 12, 1999 New York Times report in which traders had said big price swings in stocks are a result of manipulation and Nasdaq's parent, the National Association of Securities Dealers Inc. (NASD), had recently reported to the SEC that canceled trades were on the rise. This statement seems to assume that cancelled trades are all or mostly the result of increased phantom bids. That is nonsense. If I ever place a "phantom bid" it is for 100 shares or less, away from the inside market, and only to test my trading system. But I cancel orders all the time, often because some market maker has backed away from a legitimate order and left me blowing in the wind while the market moves away. Auto routing trading systems frequently have to cycle through many attempts to SelectNet preference a MM, and each new attempt that is unfilled results in a cancellation. Do you suppose the increase has anything to do with the NASDAQ effectively dismantling SOES and forcing this this trial and error approach on the world??????????? Deal with phantom bids if people are doing it to manipulate the market, but don't blow smoke to "prove" that it is being done. Dan